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Five-star hotel comes down to make room for apartments

Comments Off on Five-star hotel comes down to make room for apartments   |   March 13, 2014    12:14pm   |Contributed by manoja

CHENNAI: City builder Ceebros has started pulling down the unfinished JW Marriott Hotel in the city, which it had bought from Hyderabad-based Viceroy Hotels for 480 crore last year.

Viceroy group sold the property in MRC Nagar after completing the shell of the hotel because the hospitality sector in Chennai is going through a serious crisis with low occupancy in most five-star hotels. With more than half a dozen new star hotels being opened in the city in recent years, there is very high room inventory and hotels are struggling for business, say industry sources.

Ceebros is pulling down the unfinished J W Marriott structure to redevelop it into a residential complex. Earlier last year, Ceebros had bought Atlantic Hotel in Egmore for redeveloping it into an apartment complex. Publishing house Chand and Co, the previous owners of Atlantic, had spent crores of rupees refurbishing the hotel before it was put on the block. Ceebros bought it for 165 crore. Following this trend, Breeze Hotel on Poonamallee High Road was also put on the block.

A slow down in the economy, coupled with low demand for commercial space in the city, had prompted an IT park developer in Adyar also to convert it into a residential project two years ago.

Home buyers are eagerly awaiting the launches of these projects as the promoters have given indications of pricing them aggressively.

http://timesofindia.indiatimes.com/city/chennai/Five-star-hotel-comes-down-to-make-room-for-apartments/articleshow/31864030.cms

News Published Under:   Chennai | Comments Off on Five-star hotel comes down to make room for apartments



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